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- 2. Demystifying Fund Costs 29th April 2015 Paperjam Club – 10X6 Finance
- 4. 4 We want to address two key questions
- 5. 405 funds 500bn AUM 5 domiciles • Luxembourg • Ireland • UK • France • Germany 3 asset classes • Bonds • Balanced • Equities Our analysis relies on a representative sample of funds and we keep adding participants
- 6. Average ongoing charges (%) At first look, cross-border platforms are more expensive than domestic domiciles Source: Funds KIID
- 7. © 2015 Deloitte Tax & Consulting 7 Our objective is to identify and understand the cost drivers
- 8. FOCUS OF OUR STUDY Let’s decompose the Ongoing Charges and understand what impacts them 100%
- 9. Breakdown of ongoing charges – Luxembourg domiciled UCITS Source: Annual Statements; Deloitte expenses Database; Deloitte Analysis
- 10. Focus on cross-border distribution add-on cost in bps WORK IN PROGRESS
- 11. This represents between a significant portion of the market servicing fees Source: Annual Statements; Deloitte expenses Database; Deloitte Analysis 10-15% = 500 million
- 12. • 2bps means that Lux would still be more expensive 12 Let’s have a closer look … Equities • So what are the issues ? o Trailer fees: the RDR example o Inefficiencies: the US example o Scale: US funds are 3/4 times bigger than in Luxembourg
- 13. 13 The profitable inefficiency issue The US model The X Border model Retail Retail Retail IFA IFA IFA Brokers Brokers Brokers NSCC Funds Funds Funds Retail Retail Retail IFA IFA IFA Banks Insurers Intermediaries Platform Platform Platform Funds Funds Funds
- 14. Scale: get bigger and consolidate 14 Conclusion 1 2 3 Trailer fees: regulation should help Inefficencies: clear need of a new model